What’s the Difference between Condo Insurance and Home Insurance?

The difference between a condo insurance policy and a home insurance policy is that the condo insurance policy generally only covers the personal property of the insured. Most condo and co-op associations take care of the coverage on the property and all common areas. They will, however, require the tenant to maintain coverage for their belongings and living expenses in case of loss, damages to the dwelling, and liability insurance claims. In order to find out if you are already covered and how much insurance you are required to purchase, ask for a copy of your condo association’s proprietary lease. It will state what structural parts of your home are already covered. Some co-op/condo associations are only responsible for covering the bare essentials such as the walls, floor and ceiling. As the owner you may be required to insure the plumbing, dishwasher, dryer, wiring, fixtures etc.

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Most New York insurance companies will cover you for losses due to fire, windstorm, smoke, water damage, freezing, theft and vandalism. The average New York renter has about $40,000 in personal property.

Most expensive items such as jewelry, art, and furs are covered, but only to a certain dollar amount. In order to make sure you receive the full value on your expensive items purchase a scheduled personal property endorsement and insure each item for its appraised value.

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